India assures UAE investors of protection

 India assured the United Arab Emirates that it will protect the legitimate interests of  Etisalat, DP World and Emaar that are facing a plethora of problems, with a caveat that the same would be within the framework of judicial orders.

The assurance was given by Union Commerce Minister Anand Sharma to the UAE Minister of Economy Sultan bin Sayeed Al Mansouri. Sharma said, “We will do the best under the circumstances to protect the legal interests of the UAE investors, without violating any judicial orders.”The two minister had bilateral talks here on Tuesday on the sidelines of the CII Partnership Summit 2014, according to a statement.

The two ministers also discussed follow-up action on decisions taken during the inaugural meeting of India-UAE High Level Task Force on Investments signed last December, the statement added.

Bilateral trade between India and UAE was about $75 billion in 2012-2013.
Sharma also held talks with the Minister of Industry and Commerce, Zimbabwe M C Bimha. The Zimbabwean minister briefed Sharma on the current status of $750 million iron ore deal between Essar and the government of Zimbabwe. “Early satisfactory resolution of the pending issues would encourage other investors, especially from India to invest in mining and other sectors in Zimbabwe,”  Sharma said.

Both sides also agreed to finalise a long term agreement on supply of rough diamonds and establishment of a diamond cutting and polishing institute in Botswana, according to the statement.

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